(Answered) Question - fine amp associates is an interior decorating

Accounting

Question - Fine & Associates is an interior decorating firm in Tucson. The following costs were incurred in a project to redecorate the mayor's offices:

Direct material $ 29,000

Direct professional labor 42,000

The firm's budget for the year included the following estimates:

Budgeted overhead $800,000

Budgeted direct professional labor 640,000

Overhead is applied to contracts by using a predetermined overhead rate that is based on direct professional labor cost. Actual professional labor during the year was $655,000 and actual overhead was $793,000.

Required:

A. Determine the total cost to redecorate the mayor's offices.

B. Calculate the under- or overapplied overhead for the year. Be sure to label your answer.

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